Near Surface Mineralization Added In 22 Zone

VANCOUVER - Skeena Resources Limited announced additional diamond drill core results from the Phase 1 and Phase 2 combined campaigns of definition and exploration drilling at the Eskay Creek Project located in the Golden Triangle of British Columbia. The Phase 2 infill program, focused upon resource category conversions for the Pre-Feasibility Study (PFS) on open-pit constrained resources, is on-going with six drill rigs currently active.

Eskay Creek Infill Drilling Highlights: 22 Zone - 3.05 g/t Au, 221 g/t Ag (6.00 g/t AuEq), over 26.28 m (SK-20-481); 4.44 g/t Au, 228 g/t Ag (7.48 g/t AuEq), over 14.50 m (SK-20-500); and 12.94 g/t Au, 503 g/t Ag (19.65 g/t AuEq), over 9.87 m (SK-20-507). 21 B & C Zone - 3.65 g/t Au, 5 g/t Ag (3.71 g/t AuEq), over 25.71 m (SK-20-494); 3.23 g/t Au, 9 g/t Ag (3.35 g/t AuEq), over 29.35 m (SK-20-483); 2.82 g/t Au, 10 g/t Ag (2.95 g/t AuEq), over 31.10 m (SK-20-484); and 5.34 g/t Au, 7 g/t Ag (5.44 g/t AuEq), over 28.65 m (SK-20-486).

Gold Equivalent (AuEq) calculated via the formula: Au (g/t) + [Ag (g/t) / 75]. True widths range from 70-100% of reported core lengths. Apparent widths are reported for the 22 Zone due to the geometry of the mineralization and the orientation of the drill holes. Length weighted AuEq composites are constrained by geological considerations. Grade-capping of individual assays has not been applied to the Au and Ag assays informing the length-weighted AuEq composites. Metallurgical processing recoveries have not been applied to the AuEq calculation and are taken at 100%. Samples below detection limit were nulled to a value of zero.

Inferred mineralization reported in the Company's 2019 Mineral Resource Estimate for the southeastern portion of the 22 Zone was informed by widely spaced historical drill holes. The recent infill drilling program in the 22 Zone has discovered Au-Ag mineralization at surface within the resource reporting pit. The new discovery is highlighted by the 2020 Phase 1 intercept of 3.05 g/t Au, 221 g/t Ag (6.00 g/t AuEq), over 26.28 m which includes high-tenor sub-intervals grading 7.82 g/t Au, 724 g/t Ag (17.47 g/t AuEq) over 1.35 m and 3.18 g/t Au, 2,210 g/t Ag (32.65 g/t AuEq) over 1.50 m (SK-20-481), starting at 1.22 m from surface. This mineralization is corroborated up-dip by SK-20-437 and SK-20-438 which intersected 2.45 g/t AuEq over 21.00 m and 3.16 g/t AuEq over 13.00 m respectively.

"This new discovery within the pit-constrained 22 Zone resource model was originally considered an area of unmineralized waste due to a lack of drilling and as such was not incorporated into Skeena's 2019 PEA," said, Paul Geddes, Vice President of Exploration and Resource Development. "The grade and location of these recent intersections are expected to translate into additional resources when the 2020 drilling data is incorporated into the new resource model during Q1 2021."

The Tom MacKay Zone is situated 2,500 m southwest of the main Eskay Creek deposits and represents a near surface, sparsely drilled historical Au-Ag occurrence hosted in footwall andesites, intermediate volcanics and the Even Lower Mudstone (ELM). The Company drilled a total of nine surface drill holes fanned from two drill pads in this area to confirm the historical data, gain geological understanding as well as test for additional mineralization.

This initial program of exploratory drill testing by Skeena has yielded discordant replacement style Au-Ag mineralization including 4.99 g/t Au, 5 g/t Ag (5.05 g/t AuEq), over 10.50 meters, including 24.20 g/t Au, <5 g/t Ag (24.20 g/t AuEq), over 1.50 meters (SK-20-466), 2.02 g/t Au, 14 g/t Ag (2.21 g/t AuEq), over 14.50 meters (SK-20-464) and 3.29 g/t Au, 9 g/t Ag (3.41 g/t AuEq), over 9.40 meters, including 14.10 g/t Au, 19 g/t Ag (14.35 g/t AuEq), over 1.40 meters (SK-20-433).

The Company currently has six drill rigs operating at Eskay Creek finalizing the Phase II program of category conversion drilling. This program will be complete in mid-January 2021 at which point the drills will be re-assigned to a 5,000 m exploratory program testing targets in the near mine environment. All drilling from the Phase 2 program will be incorporated into the updated 2021 Mineral Resource Estimate.